40 Ocean Ave · Northport, NY 11768

$979,000

6 bd · 5.4 ba · — sqft · MultiFamily · 22 Days on market

Built 1910 5,227 sqft lot Est $856k · 14% over

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.4/30.0
• Schools +6.4/10.0
• DSCR +4.7/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Northport Village, Legal 3 Family Victorian, Circa 1910. Total Taxes including Village are $15,477.76. 2nd Floor Apartment. Covered Front Porch Entry. 3 Bedrooms (Two are Small) with Open Floor Plan, Kitchen, Living/Dining Room with Walls of Glass, Vaulted Ceilings, Skylights and Sliding Glass Door to Back Deck. Half Bath. Primary Bedroom w/ Custom Bathroom, Whirlpool Tub & Separate Shower. Full Granny Attic with Pull Down Staircase. 1st Floor Apartment. 2 Bedrooms, Eat in Kitchen, Living Room and Full Bathroom. 1st Floor Studio Apartment. Approx. 22' x 9'4" Bedroom/Living Room Combo, Plus Small Kitchen Area and Full Bathroom. Both Apartments have a Covered Side Porch Entry. Part Basement with Outside Entry, Utilities and Common Laundry Area. Four Electric Meters, One Gas Meter, One 3 Zone Oil Heating System with Separate Oil Hot Water Heater and a 275 Gallon Above Ground Oil Tank.

Key facts

• Open floor plan
• Victorian style
• Vaulted ceilings

Tags

• LEGAL 3 FAMILY HOME
• VICTORIAN STYLE
• OPEN FLOOR PLAN
• WALLS OF GLASS
• VAULTED CEILINGS
• SKYLIGHTS

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.8-bath units multifamily listed at $979k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive. Per door: $102/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $839k (14.3% below list).
• Recommended offer: $839k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.0% in Northport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#202 in NY, #3,128 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: commute F, cost of living F.
• Northport-East Northport Union Free School District (suburban): math 74% / reading 65% proficiency, ranked #101 of 590 in NY (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($964k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $281k; list at $979k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $839,400 (14.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• GRM: 9.7

CMA / ARV

• ARV (median comp): $856,352
• List price: $979,000
• Delta: 14.32%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-139,226
• Equity at exit: $145,972

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-96,637
• Equity at exit: $84,646

Cash invested: $274,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11768

• Active inventory: 141
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $8,394 high
• Mortgage (P&I): −$5,134
• Tax from tax record: −$716 /mo · $8,590/yr
• Insurance: −$408
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,763
• Net cashflow: $307

Break-even live

Break-even rent $8,005

Max offer price $979,000

Occupancy floor 91%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.8	$8,394
Total (3 units)			$8,394

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $244,750
• Closing costs: $29,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Wilafra Pl Northport, NY	5.0	2.5	3600	$7,200	$2.00	44d	1	0.87mi
21 Beach Plum Dr Centerport, NY	6.0	4.0	—	$7,950	—	22d	1	1.01mi

Listing history 6 events

1. 2026-05-08
   status Pending 904-char remark

   Show marketing remark (904 chars)

   Northport Village, Legal 3 Family Victorian, Circa 1910. Total Taxes including Village are $15,477.76. 2nd Floor Apartment. Covered Front Porch Entry. 3 Bedrooms (Two are Small) with Open Floor Plan, Kitchen, Living/Dining Room with Walls of Glass, Vaulted Ceilings, Skylights and Sliding Glass Door to Back Deck. Half Bath. Primary Bedroom w/ Custom Bathroom, Whirlpool Tub & Separate Shower. Full Granny Attic with Pull Down Staircase. 1st Floor Apartment. 2 Bedrooms, Eat in Kitchen, Living Room and Full Bathroom. 1st Floor Studio Apartment. Approx. 22' x 9'4" Bedroom/Living Room Combo, Plus Small Kitchen Area and Full Bathroom. Both Apartments have a Covered Side Porch Entry. Part Basement with Outside Entry, Utilities and Common Laundry Area. Four Electric Meters, One Gas Meter, One 3 Zone Oil Heating System with Separate Oil Hot Water Heater and a 275 Gallon Above Ground Oil Tank.

2. 2026-04-14
   listed $979,000 Active 904-char remark

   Show marketing remark (904 chars)

   Northport Village, Legal 3 Family Victorian, Circa 1910. Total Taxes including Village are $15,477.76. 2nd Floor Apartment. Covered Front Porch Entry. 3 Bedrooms (Two are Small) with Open Floor Plan, Kitchen, Living/Dining Room with Walls of Glass, Vaulted Ceilings, Skylights and Sliding Glass Door to Back Deck. Half Bath. Primary Bedroom w/ Custom Bathroom, Whirlpool Tub & Separate Shower. Full Granny Attic with Pull Down Staircase. 1st Floor Apartment. 2 Bedrooms, Eat in Kitchen, Living Room and Full Bathroom. 1st Floor Studio Apartment. Approx. 22' x 9'4" Bedroom/Living Room Combo, Plus Small Kitchen Area and Full Bathroom. Both Apartments have a Covered Side Porch Entry. Part Basement with Outside Entry, Utilities and Common Laundry Area. Four Electric Meters, One Gas Meter, One 3 Zone Oil Heating System with Separate Oil Hot Water Heater and a 275 Gallon Above Ground Oil Tank.

3. 2023-10-25
   historical $3,400
4. 2023-08-30
   listed $3,400
5. 1998-02-03
   soldstatus $281,000
6. 1982-11-12
   soldstatus $90,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $8,590 · $716/mo
• Projected year-2 tax: $12,567 · $1,047/mo
• Expected delta: +$3,978/yr (+$331/mo · 46.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $100,728
• − Mortgage interest: −$54,839
• − Property taxes: −$8,590
• − Insurance: −$5,692
• − Repairs & maintenance: −$8,058
• − Management: −$8,058
• − Depreciation: −$28,480
• Taxable loss: −$12,990
• Est. tax savings @ 24.0%: +$3,118
• After-tax cash flow: $6,803/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Northport-East Northport Union Free School District
• NCES district ID: 3621270
• Math proficiency: 74% ▼ -7.00%
• Reading proficiency: 65% ▼ -5.00%
• Median HH income: $104,656
• Composite: 64.22/100
• National rank: #563
• State rank: #101 of 590 in NY

Livability — Northport

• Score: 77/100
• State rank: #202
• US rank: #3128

Category grades

Amenities C Commute F Cost of living F Crime A+ Employment A+ Housing B+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northport, NY
• Population (ZIP): 21,908

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 1,505,262 people
• By 2030: 1,498,318 · -0.5%
• By 2040: 1,471,101 · -2.3%
• By 2050: 1,424,848 · -5.3%
• By 2075: 1,337,157 · -11.2%
• By 2100: 1,217,720 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Italian 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Suffolk

• 2024 margin: Lean R (+10.0) · D 45.0% · R 55.0%
• 2008→2024 swing: -16.0pp toward R · 2008: 6.0pp · 2024: -10.0pp
• All cycles: 2024: R+10.0 2020: R+0.0 2016: R+8.2 2012: D+2.9 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -703.89%
• Current HPI: 246.4282
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+987.8% since first listed

6 events — show timeline

• 2026-05-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-14 Listed $979,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-25 Rental Removed $3,400 ONEKEY
• 2023-08-30 Listed for Rent $3,400 ONEKEY
• 1998-02-03 Sold (Public Records) $281,000 Public Records
• 1982-11-12 Sold (Public Records) $90,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $8,590 · -33.1% YoY. Source: county tax records.